Con Edison Media Relations
Contact: Joe Petta
Telephone: (212) 460-4111
For Immediate Release: January 27, 1998
CON EDISON, LONGEST LISTED COMPANY ON NEW YORK STOCK EXCHANGE,
RINGS IN NEW ERA WITH TODAY'S CLOSING
The oldest continuously traded company on the New York Stock Exchange marked its emergence into a new era today when Consolidated Edison, Inc. Chairman Eugene R. McGrath stepped onto the podium above the Exchange floor and flipped a giant, specially designed light switch to ring the day's closing bell. The ceremony recognized the formation earlier this month of Consolidated Edison, Inc.- a new holding company and corporate parent of Con Edison (Consolidated Edison Company of New York, Inc.) and three other wholly owned subsidiaries.
Con Edison's corporate predecessor, the New York Gas Light Company, was incorporated in 1823. When it began trading on the New York Stock Exchange James Monroe was President of the relatively new United States, Europe was recovering from the Napoleonic wars and Abraham Lincoln was a teenager in the wilderness of Illinois. Homes, factories and streets were illuminated by gas lighting some 60 years before Thomas Alva Edison would forever change New York City - and the world - with the operation of the first electric generating station, on Pearl Street in lower Manhattan.
Chairman McGrath noted that the newly restructured company's celebration today at the Exchange underscores Con Edison's commitment to build upon the solid foundation it has achieved over the past 175 years, in serving the needs of customers and investors.
"We are proud of our long association with the New York Stock Exchange, and we look forward to continuing that relationship in the 21st Century," said Chairman McGrath. "We are now poised to build upon our world-renowned reputation for reliable and innovative customer service, and prosper in the new, competitive energy marketplace."
"On the occasion of Chairman McGrath's visit and the start of a new era for our longest, continuously listed company, the New York Stock Exchange salutes Con Edison as an innovator and leader in the energy industry," said Richard A. Grasso, chairman and CEO of the New York Stock Exchange. "Looking back at the many ways that Con Edison has helped transform and brighten New York since 1823, I can only say, Thomas Edison would be proud."
In 1884, the New York Gas Light Company combined with Thomas Edison's Electric Illuminating Company of New York and five gas companies to form the Consolidated Gas Company. Over the years, Consolidated Gas acquired a number of electric, gas and steam companies serving New York City and Westchester County. In 1936, its name was changed to Consolidated Edison Company of New York. It continues to be listed on the New York Stock Exchange under the symbol "ED."
Consolidated Edison, Inc. is one of the nation's largest investor-owned energy companies, with more than $7 billion in annual revenues and $15 billion in assets. The company provides a wide range of energy-related products and services to its customers through its four subsidiaries: Con Edison of New York, a regulated utility providing electric, gas and steam service to New York City and Westchester County, New York; Con Edison Solutions, a retail energy services company; Con Edison Development, an infrastructure development company; and Con Edison Energy, a wholesale energy supply company.